Resolutions 1301 - Laserfiche WebLink

Home Browse Search

, -i: -2- . ,,- '.... ~ 4. ADMINISTRA TION - This plan shall be administered by a committee (herein referred to as "Committee") of not less than three persons, consisting of the Mayor of the Village, the Manager of the Village, and the Clerk-Treasurer of the Village. Members of the Committee, if otherwise eligible, shall be eligible . to participate in the Plan, but no member of the Committee shall be entitled to make decisions solely with respect to his own participation. The Committee shall have full power and authority to adopt rules and regulations for the administration of the Plan, and to interpret, alter, amend or revoke any rules and regulations so adopted, and the action of said Committee shall be the action of the Village. The Committee's ,action may be appealed to the full Council, which may by majority vote reverse the Committee's decision, and said action of the Council shall then be the action of the Village and ta~ precedence over the Committee. 5. PARTICIPATION IN THE PLAN (a) Eligibility - Any employee or independently contracted person whom the Village designates as eligible to participate. (b) Enrollment in the Plan: ; (1) An eligible person may become a Participant on the first day of any month by agreeing to defer compensation not yet earned. (2) At the time of any agreement hereunder, a Participant must agree to defer a minimum amount of $180 per annum. Compensation deferred under prior agreement will not be considered to be current compensation. (3) Additional agreements with respect to compensation not yet earned may be executed at any subsequent time, except that no Participant may make more than one agreement in any 12-month period, and prior agreements may not be revoked or modified except as elsewhere provided herein. (4) A Participant may revoke any or all agreements he has made at any time subject to agreement in writing signed by the Participant and the Village. In this event, the Participant will not be entitled to any benefits except as provided in Article 6 of this agreement and such benefits will be computed as if he terminated his services with the Village on the date of revocation of the agreement or agreements. 6. BENEFITS UNDER PLAN (a) The Plan provides for alternative types of payment as follows: (1) Deferred Compensation Payments (or cash value equivalent where paid in other than the normal form of annuity), payable on the happening of any of the following events: